Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

U.S. Stocks fluctuate at the Open as Ukraine Tension Boosts Haven Demand

U.S. stocks fell to session lows on Friday, erasing earlier gains and dropping in heavy trading, as forces in Ukraine engaged a Russian armored column on Ukrainian soil.

Ukraine said its troops attacked and partially destroyed a column of armed vehicles that had crossed the border from Russian territory, while Russia said it was concerned about an attack on another convoy carrying aid.

Monster Beverage soared 30 percent after Coca-Cola agreed to buy a stake in the company.

More than eight months after an extreme winter began snarling North American rail traffic.

Rail logjams contributed to the economic slowdown early in the year, rippling across corporate America and affecting everything from car makers to ethanol producers.

Across the continent’s seven largest operators, trains ran almost 8 percent slower on average and sat idle at key terminals for nearly three hours longer in the second quarter than a year earlier.

While Canada’s rail operators have nearly recovered, many U.S. operators lag far behind.

Tim Hortons to battle Starbucks; price rises likely

Canadian coffee and donut chain Tim Hortons hopes to lure new coffee drinkers and fend off rivals such as Starbucks and McDonald’s.

Tim Hortons, which says it serves nearly 8 out of every 10 cups of coffee sold in Canada, outlined a plan in February to kick-start growth and improve returns by fine-tuning its menu to encourage more spending, improving service and opening new restaurant formats.

Top U.S. hedge funds up Walgreen shares; lose some taste for Apple

Top U.S. hedge fund managers did some shopping for losers and sold some of their gainers.

Ebay in talks to take bitcoins at payments unit : WSJ

A deal would be an endorsement for a crypto currency, which is gaining acceptance with a slowly growing number of businesses, including online retailer Overstock.com.

But some industry executives have warned about the risks of an unregulated currency.

Sprint will introduce ‘disruptive’ prices next week: new CEO

CEO Claure spent his first day on the job meeting Apple CEO Tim Cook, and said “Apple will become a crucial part of Sprint,” the website reported.

Claure’s first order of business is cutting prices, followed by sprucing up the company’s network, now completing a massive overhaul, and reducing operational costs.

US ECONOMY & POLITICS

Wholesale Prices in U.S. Rise at Slower Pace as Fuel Drops

The 0.1 percent increase in the producer price index matched the median forecast of economists.

Analysts see the economy growing at an annual rate of 3.0 percent in the current quarter, up from a previous estimate of 2.9 percent.

Fourth-quarter growth was forecast at 3.1 percent, down from a previous estimate of 3.2 percent.

First-quarter 2015 growth was estimated at 3.1 percent, unchanged from an earlier estimate of 3.1 percent.

Meanwhile, they see the economy growing at a rate of 2.1 percent for all of 2014, down from the previous estimate of 2.4 percent in the previous survey in May.

Growth in 2015 is expected to come in at 3.1 percent, unchanged from the 3.1 percent estimate in the May survey.

U.S. consumer sentiment dips in preliminary August reading

The Thomson Reuters/University of Michigan’s preliminary August consumer sentiment fell to 79.2 from a final reading of 81.8 the month before.

San Bernardino starts bondholder talks two years after bankruptcy

San Bernardino, California, has begun face-to-face talks with some of its biggest creditors – bondholders and insurers – for the first time.

San Bernardino, a city of 205,000 people located 65 miles east of Los Angeles, filed for bankruptcy in August 2012 with a budget deficit of $45 million.

EUROPE & WORLD

Ukraine Says It Destroyed Part of Armed Convoy From Russia

Ukrainian government troops engaged the vehicles that had arrived overnight through a rebel-held section of the border, Andriy Lysenko, a spokesman for the country’s military.

Ukrainian soldiers continue to come under shelling, including rounds fired from Russia, he said.

The government in Kiev has for months said that separatist rebels in its easternmost regions are receiving support from Russia, which backs them with artillery fire.

Maliki Resigns as Iraq’s Prime Minister to Make Way for Abadi

The move ends a political impasse and may enable Prime Minister-designate Haidar al-Abadi to pull together a more inclusive government better able to counter Islamist militants advancing in the country’s north, and to heal sectarian and ethnic rifts threatening to tear Iraq apart.

TODAY in HISTORY

The Indian Independence Bill created the two independent states of India and Pakistan (1947)

South Korea became the Republic of Korea (1948)

Astronomers announced the discovery of the first solar system outside our own (2001)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.Sources: Reuters, Bloomberg.

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